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Investors in Canadian stocks have a new sector in mind that they hope will help insulate their portfolios from the risk of a trade war: copper miners.
At the start of the year traders were piling into shares of Canadian gold miners as tariff-sparked trade friction boosted demand for the precious metal, a classic haven asset.
Now they’re seeking additional winners as they try to navigate the threat of tariffs and expectations for more metal buying from China, where officials are moving to boost the world’s second-largest economy. Copper miners are seen as offering that value.
“Copper’s a similar story” to gold, which up until now has been the obvious bet, said Greg Taylor, chief investment officer at Purpose Investments in Toronto.
Copper miners, including Teck Resources Ltd. and First Quantum Minerals, got a brief lift to start Monday trading in Toronto after Chinese factory…
